C.A.R. Fights Transfer Tax at City Hall

C.A.R.'s Government Affairs staff recently stood in strong support of consumers and investment in the City of Chicago's economy by opposing a transfer tax proposed for banks that purchase foreclosed homes.

The tax, proposed by 26th Ward Ald. Roberto Maldonado, has the potential to actually add new costs for buyers who invest in foreclosed homes re-sold by banks, as the buyers would pay the tax as a pass-through added by banks to the cost of the property.

The proposed ordinance passed in the city's Committee on Finance and was slated for potential referendum on the November ballot. Opposed by 50th Ward Ald. Bernard Stone, however, it was deferred, meaning the earliest it could appear on the ballot is February. With questions, contact C.A.R.'s Brian Bernardoni at bbernardoni@iar.org.